You can’t operate any business without data, including a cannabis business. However, data alone is just numbers. Data truly becomes powerful when you develop systems that help with every aspect of the business. It’s about taking repeatable processes and finding better ways to use the data for your advantage.
Medical marijuana is now legal in 39 states and Washington DC. Recreational cannabis is available in 19 states and Washington DC. It’s projected to be a $72 billion industry by 2030.
While the industry as a whole is still morphing and changing, the clear winners are already pushing forward and using technology to become more efficient. Where should you begin?
Use technology to measure data
The most successful businesses in the world use every aspect of their collected data to make better decisions. Technology makes it possible to collect data everywhere: point of sale, inventory, CRM systems. The truly successful business owner uses it to ask better questions, and find the solutions that make their businesses operate more efficiently and profitably.
Use technology to track inventory
Do you track your product every step of the way, from seed to sale, ensuring it isn’t sitting on the shelf for too long and expiring? The bigger your operation, the more likely your profits can disappear as you lose track of how the product moves through the process. Using technology at every stage of the product’s journey will give you the insight needed to make better decisions.
Use technology to get to know your customers
Any marketer will tell you the key to a successful business is in the list. The better you know your customers, the more successful you’ll be. Lifelong customers are your best track to success, continuously bringing in profits as they enjoy the experience they have with you. This experience should never be left to chance. Deliver them top-level experiences at every step, whether it’s emailing you, connecting with you online, or in-store shopping.
Use technology to help with reporting
Compliance is the heart of every cannabis business, whether you sell recreational, medicinal, or both. Compliance starts with local regulations, ensures you meet all state-level expectations, and stay on top of federal laws. Medicinal carries its own level of expectations by having to meet HIPAA guidelines. If you aren’t sure where you stand, it’s time to prioritize this.
Use technology to grow
What does technology mean to you? It’s more than buying a new computer, or investing in a new software program. It’s about ensuring every purchase is the best decision for growing your business. Cannabis businesses are notorious for piecemealing together systems as they grow. This can hold you back from what you seek the most: Profits. If you’re ready for the next level of business, it may be time to connect with a team who can help you make the best IT decisions for next-level growth.
Are you using the right technology to grow your cannabis business?
For IT Strategy, Security and Compliance, or Help Desk Services, reach out to us at Cannabis Technology Partners 360-450-4759.